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    Polymetal planning to invest $130 mln in construction of power plants in Kazakhstan

    June 10, 2022 - Interfax Russia & CIS Energy Newswire


      NUR-SULTAN. June 9 (Interfax) - Polymetal (MOEX: POLY) is planning to invest $130mn in construction of power plants in Kazakhstan for its own needs, the company's president Igor Finogenov said.

      "Polymetal is considering the construction of solar power plants, gas piston and hydro power plants to partially cover the needs of the company's own enterprises located in the East Kazakhstan and Kustanai regions, with a total capacity of about 100 MW," Finogenov said, speaking at the Foreign Investors' Council chaired by the president of Kazakhstan on Thursday.

      Total investment for these purposes over 5 years will amount to about $130 million, he said.

      Polymetal is Russia's largest silver producer and one the country's leading gold miners. It has operations in the Magadan, Sverdlovsk, Khabarovsk, Yakutia, Chukotka and Kazakhstan. The largest shareholders are the ICT Group of Alexander Nesis and partners (approximately 24%) and BlackRock (SPB: BLK) funds (approximately 10%).

      In Kazakhstan, Polymetal has two operating mines - Kyzyl (East Kazakhstan Region) and Varvarinskoye (Kustanai Region).

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